----

|                                                       |   | PAGE   |
|------------------------------------------------------------|--------|--------|
|                                                       |   |   |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    |   | F-3    |
|                                                       |   |   |
| FINANCIAL STATEMENTS                                       |   |   |
|                                                       |   |   |
| BALANCE SHEETS                                             |   | F-4    |
|                                                       |   |   |
| STATEMENTS OF OPERATIONS                                   |   | F-11   |
|                                                       |   |   |
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) |   | F-18   |
|                                                       |   |   |
| STATEMENTS OF CASH FLOWS                                   |   | F-22   |
|                                                       |   |   |
| NOTES TO FINANCIAL STATEMENTS                              |   | F-29   |

----

----

|                                                                                                                                                                                                                         |   | Total  |        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|
|                                                                                                                                                                                                                         |   | 2011   |        |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                       |   |
|                                                                                                                                                                                                                         |   |   |        |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                                 |   |   |        |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                                    |   | $      | 1,618,141   |   |   | $ | 1,418,207 |   |
| Other                                                                                                                                                                                                                        |   |   | 3,300       |   |   |   | 5,100 |   |
|                                                                                                                                                                                                                         |   |   |        |   |   |   |   |   |
|                                                                                                                                                                                                                         |   | $      | 1,621,441   |   |   | $ | 1,423,307 |   |
|                                                                                                                                                                                                                         |   |   |        |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                            |   |
|                                                                                                                                                                                                                         |   |   |        |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                                  |   |   |        |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                        |   | $      | 37,600      |   |   | $ | 136,100 |   |
| Accounts payable - affiliates                                                                                                                                                                                                |   |   | 21,219,377  |   |   |   | 21,764,225 |   |
| Capital contributions payable                                                                                                                                                                                                |   |   | 169,974     |   |   |   | 169,974 |   |
|                                                                                                                                                                                                                         |   |   |        |   |   |   |   |   |
|                                                                                                                                                                                                                         |   |   | 21,426,951  |   |   |   | 22,070,299 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                            |   |   |        |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                                     |   |   |        |   |   |   |   |   |
| Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 18,679,738 issued and 18,678,038 outstanding to the assignees at March 31, 2011 and 2010 |   |   | -           |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                             |   |   |        |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 18,679,738 issued and 18,678,038 outstanding at March 31, 2011 and 2010                                                    |   |   | (18,226,519 | ) |   |   | (19,059,586 | ) |
| General partner                                                                                                                                                                                                              |   |   | (1,578,991  | ) |   |   | (1,587,406 | ) |
|                                                                                                                                                                                                                         |   |   |        |   |   |   |   |   |
|                                                                                                                                                                                                                         |   |   | (19,805,510 | ) |   |   | (20,646,992 | ) |
|                                                                                                                                                                                                                         |   |   |        |   |   |   |   |   |
|                                                                                                                                                                                                                         |   | $      | 1,621,441   |   |   | $ | 1,423,307 |   |

----

|                                                                                                                                                                                                                        |   | Series 7 |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|
|                                                                                                                                                                                                                        |   | 2011          |    |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                      |   |
|                                                                                                                                                                                                                        |   |          |    |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                                |   |          |    |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                                   |   | $             | -       |   |   | $ | - |   |
| Other                                                                                                                                                                                                                       |   |          | -       |   |   |   | - |   |
|                                                                                                                                                                                                                        |   |          |    |   |   |   |   |   |
|                                                                                                                                                                                                                        |   | $             | -       |   |   | $ | - |   |
|                                                                                                                                                                                                                        |   |          |    |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                           |   |
|                                                                                                                                                                                                                        |   |          |    |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                                 |   |          |    |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                       |   | $             | -       |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                                               |   |          | -       |   |   |   | - |   |
| Capital contributions payable                                                                                                                                                                                               |   |          | -       |   |   |   | - |   |
|                                                                                                                                                                                                                        |   |          |    |   |   |   |   |   |
|                                                                                                                                                                                                                        |   |          | -       |   |   |   | - |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                           |   |          |    |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                                    |   |          |    |   |   |   |   |   |
| Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 1,036,100 issued and  outstanding to the assignees at March 31, 2011 and 2010 |   |          | -       |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                            |   |          |    |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,036,100 issued and outstanding at March 31, 2011 and 2010                                                               |   |          | (84,506 | ) |   |   | (84,506 | ) |
| General partner                                                                                                                                                                                                             |   |          | 84,506  |   |   |   | 84,506 |   |
|                                                                                                                                                                                                                        |   |          |    |   |   |   |   |   |
|                                                                                                                                                                                                                        |   |          | -       |   |   |   | - |   |
|                                                                                                                                                                                                                        |   |          |    |   |   |   |   |   |
|                                                                                                                                                                                                                        |   | $             | -       |   |   | $ | - |   |

----

|                                                                                                                                                                                                                       |   | Series 9 |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|
|                                                                                                                                                                                                                       |   | 2011          |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                       |   |          |       |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                               |   |          |       |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                                  |   | $             | 71,556     |   |   | $ | 115,148 |   |
| Other                                                                                                                                                                                                                      |   |          | -          |   |   |   | - |   |
|                                                                                                                                                                                                                       |   |          |       |   |   |   |   |   |
|                                                                                                                                                                                                                       |   | $             | 71,556     |   |   | $ | 115,148 |   |
|                                                                                                                                                                                                                       |   |          |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |
|                                                                                                                                                                                                                       |   |          |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                                |   |          |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                      |   | $             | -          |   |   | $ | - |   |
| Accounts payable - affiliates                                                                                                                                                                                              |   |          | 6,591,231  |   |   |   | 6,386,247 |   |
| Capital contributions payable                                                                                                                                                                                              |   |          | -          |   |   |   | - |   |
|                                                                                                                                                                                                                       |   |          |       |   |   |   |   |   |
|                                                                                                                                                                                                                       |   |          | 6,591,231  |   |   |   | 6,386,247 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                          |   |          |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                                   |   |          |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 4,178,029 issued and 4,177,329 outstanding to the assignees at March 31, 2011 and 2010 |   |          | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                           |   |          |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,178,029 issued and 4,177,329 outstanding at March 31, 2011 and 2010                                                    |   |          | (6,119,640 | ) |   |   | (5,873,550 | ) |
| General partner                                                                                                                                                                                                            |   |          | (400,035   | ) |   |   | (397,549 | ) |
|                                                                                                                                                                                                                       |   |          |       |   |   |   |   |   |
|                                                                                                                                                                                                                       |   |          | (6,519,675 | ) |   |   | (6,271,099 | ) |
|                                                                                                                                                                                                                       |   |          |       |   |   |   |   |   |
|                                                                                                                                                                                                                       |   | $             | 71,556     |   |   | $ | 115,148 |   |

----

|                                                                                                                                                                                                                       |   | Series 10 |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|
|                                                                                                                                                                                                                       |   | 2011           |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                       |   |           |       |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                               |   |           |       |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                                  |   | $              | 270,086    |   |   | $ | 186,720 |   |
| Other                                                                                                                                                                                                                      |   |           | -          |   |   |   | - |   |
|                                                                                                                                                                                                                       |   |           |       |   |   |   |   |   |
|                                                                                                                                                                                                                       |   | $              | 270,086    |   |   | $ | 186,720 |   |
|                                                                                                                                                                                                                       |   |           |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                          |   |
|                                                                                                                                                                                                                       |   |           |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                                |   |           |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                      |   | $              | -          |   |   | $ | 30,000 |   |
| Accounts payable - affiliates                                                                                                                                                                                              |   |           | 2,260,615  |   |   |   | 2,163,727 |   |
| Capital contributions payable                                                                                                                                                                                              |   |           | -          |   |   |   | - |   |
|                                                                                                                                                                                                                       |   |           |       |   |   |   |   |   |
|                                                                                                                                                                                                                       |   |           | 2,260,615  |   |   |   | 2,193,727 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                          |   |           |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                                   |   |           |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 2,428,925 issued and 2,427,925 outstanding to the assignees at March 31, 2011 and 2010 |   |           | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                           |   |           |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,428,925 issued and 2,427,925 outstanding at March 31, 2011 and 2010                                                    |   |           | (1,775,711 | ) |   |   | (1,792,024 | ) |
| General partner                                                                                                                                                                                                            |   |           | (214,818   | ) |   |   | (214,983 | ) |
|                                                                                                                                                                                                                       |   |           |       |   |   |   |   |   |
|                                                                                                                                                                                                                       |   |           | (1,990,529 | ) |   |   | (2,007,007 | ) |
|                                                                                                                                                                                                                       |   |           |       |   |   |   |   |   |
|                                                                                                                                                                                                                       |   | $              | 270,086    |   |   | $ | 186,720 |   |

----

|                                                                                                                                                                                                             |   | Series 11 |      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-----------|
|                                                                                                                                                                                                             |   | 2011           |      |   | 2010 |   |
| ASSETS                                                                                                                                                                                                           |   |
|                                                                                                                                                                                                             |   |           |      |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                     |   |           |      |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                        |   | $              | 465,155   |   |   | $ | 603,898 |   |
| Other                                                                                                                                                                                                            |   |           | -         |   |   |   | - |   |
|                                                                                                                                                                                                             |   |           |      |   |   |   |   |   |
|                                                                                                                                                                                                             |   | $              | 465,155   |   |   | $ | 603,898 |   |
|                                                                                                                                                                                                             |   |           |      |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                |   |
|                                                                                                                                                                                                             |   |           |      |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                      |   |           |      |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                            |   | $              | -         |   |   | $ | 46,000 |   |
| Accounts payable - affiliates                                                                                                                                                                                    |   |           | 1,180,122 |   |   |   | 2,436,423 |   |
| Capital contributions payable                                                                                                                                                                                    |   |           | -         |   |   |   | - |   |
|                                                                                                                                                                                                             |   |           |      |   |   |   |   |   |
|                                                                                                                                                                                                             |   |           | 1,180,122 |   |   |   | 2,482,423 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                |   |           |      |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                         |   |           |      |   |   |   |   |   |
| Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 2,489,599 issued and outstanding to the assignees at March 31, 2011 and 2010 |   |           | -         |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                 |   |           |      |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,489,599 issued and outstanding at March 31, 2011 and 2010                                                    |   |           | (493,133  | ) |   |   | (1,645,055 | ) |
| General partner                                                                                                                                                                                                  |   |           | (221,834  | ) |   |   | (233,470 | ) |
|                                                                                                                                                                                                             |   |           |      |   |   |   |   |   |
|                                                                                                                                                                                                             |   |           | (714,967  | ) |   |   | (1,878,525 | ) |
|                                                                                                                                                                                                             |   |           |      |   |   |   |   |   |
|                                                                                                                                                                                                             |   | $              | 465,155   |   |   | $ | 603,898 |   |

----

|                                                                                                                                                                                                             |   | Series 12 |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|
|                                                                                                                                                                                                             |   | 2011           |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                           |   |
|                                                                                                                                                                                                             |   |           |       |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                     |   |           |       |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                        |   | $              | 479,986    |   |   | $ | 120,857 |   |
| Other                                                                                                                                                                                                            |   |           | -          |   |   |   | - |   |
|                                                                                                                                                                                                             |   |           |       |   |   |   |   |   |
|                                                                                                                                                                                                             |   | $              | 479,986    |   |   | $ | 120,857 |   |
|                                                                                                                                                                                                             |   |           |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                |   |
|                                                                                                                                                                                                             |   |           |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                      |   |           |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                            |   | $              | 37,500     |   |   | $ | 7,500 |   |
| Accounts payable - affiliates                                                                                                                                                                                    |   |           | 4,054,166  |   |   |   | 3,915,374 |   |
| Capital contributions payable                                                                                                                                                                                    |   |           | 9,241      |   |   |   | 9,241 |   |
|                                                                                                                                                                                                             |   |           |       |   |   |   |   |   |
|                                                                                                                                                                                                             |   |           | 4,100,907  |   |   |   | 3,932,115 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                |   |           |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                         |   |           |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 2,972,795 issued and outstanding to the assignees at March 31, 2011 and 2010 |   |           | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                 |   |           |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,972,795 issued and outstanding at March 31, 2011 and 2010                                                    |   |           | (3,333,581 | ) |   |   | (3,522,015 | ) |
| General partner                                                                                                                                                                                                  |   |           | (287,340   | ) |   |   | (289,243 | ) |
|                                                                                                                                                                                                             |   |           |       |   |   |   |   |   |
|                                                                                                                                                                                                             |   |           | (3,620,921 | ) |   |   | (3,811,258 | ) |
|                                                                                                                                                                                                             |   |           |       |   |   |   |   |   |
|                                                                                                                                                                                                             |   | $              | 479,986    |   |   | $ | 120,857 |   |

----

|                                                                                                                                                                                                                        |   | Series 14 |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|
|                                                                                                                                                                                                                        |   | 2011           |       |   | 2010 |   |
| ASSETS                                                                                                                                                                                                                      |   |
|                                                                                                                                                                                                                        |   |           |       |   |   |   |
| OTHER ASSETS                                                                                                                                                                                                                |   |           |       |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                                   |   | $              | 331,358    |   |   | $ | 391,584 |   |
| Other                                                                                                                                                                                                                       |   |           | 3,300      |   |   |   | 5,100 |   |
|                                                                                                                                                                                                                        |   |           |       |   |   |   |   |   |
|                                                                                                                                                                                                                        |   | $              | 334,658    |   |   | $ | 396,684 |   |
|                                                                                                                                                                                                                        |   |           |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                           |   |
|                                                                                                                                                                                                                        |   |           |       |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                                 |   |           |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                       |   | $              | 100        |   |   | $ | 52,600 |   |
| Accounts payable - affiliates                                                                                                                                                                                               |   |           | 7,133,243  |   |   |   | 6,862,454 |   |
| Capital contributions payable                                                                                                                                                                                               |   |           | 160,733    |   |   |   | 160,733 |   |
|                                                                                                                                                                                                                        |   |           |       |   |   |   |   |   |
|                                                                                                                                                                                                                        |   |           | 7,294,076  |   |   |   | 7,075,787 |   |
| PARTNERS’ CAPITAL (DEFICIT)                                                                                                                                                                                           |   |           |       |   |   |   |   |   |
| Assignor limited partner                                                                                                                                                                                                    |   |           |       |   |   |   |   |   |
| Units of limited partnership interest consisting of 20,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 5,574,290 issued and  outstanding to the assignees at March 31, 2011 and 2010 |   |           | -          |   |   |   | - |   |
| Limited partners                                                                                                                                                                                                            |   |           |       |   |   |   |   |   |
| Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,574,290 issued and outstanding at March 31, 2011 and 2010                                                               |   |           | (6,419,948 | ) |   |   | (6,142,436 | ) |
| General partner                                                                                                                                                                                                             |   |           | (539,470   | ) |   |   | (536,667 | ) |
|                                                                                                                                                                                                                        |   |           |       |   |   |   |   |   |
|                                                                                                                                                                                                                        |   |           | (6,959,418 | ) |   |   | (6,679,103 | ) |
|                                                                                                                                                                                                                        |   |           |       |   |   |   |   |   |
|                                                                                                                                                                                                                        |   | $              | 334,658    |   |   | $ | 396,684 |   |

----

|                                                |   | Total  |      |
|-----------------------------------------------------|--------|--------|-----------|
|                                                |   | 2011   |      |   | 2010 |   |
| Income                                              |   |   |      |   |   |   |
| Interest income                                     |   | $      | 12,736    |   |   | $ | 5,501 |   |
| Miscellaneous income                                |   |   | 246,685   |   |   |   | 136,238 |   |
|                                                |   |   |      |   |   |   |   |   |
|                                                |   |   | 259,421   |   |   |   | 141,739 |   |
|                                                |   |   |      |   |   |   |   |   |
| Share of income from operating limited partnerships |   |   | 1,641,881 |   |   |   | 3,286,871 |   |
|                                                |   |   |      |   |   |   |   |   |
| Expenses                                            |   |   |      |   |   |   |   |   |
| Professional fees                                   |   |   | 207,080   |   |   |   | 196,428 |   |
| Partnership management fee                          |   |   | 670,896   |   |   |   | 793,585 |   |
| General and administrative expenses                 |   |   | 107,296   |   |   |   | 148,835 |   |
|                                                |   |   |      |   |   |   |   |   |
|                                                |   |   | 985,272   |   |   |   | 1,138,848 |   |
|                                                |   |   |      |   |   |   |   |   |
| NET INCOME (LOSS)                                   |   | $      | 916,030   |   |   | $ | 2,289,762 |   |
|                                                |   |   |      |   |   |   |   |   |
| Net income (loss) allocated to general partner      |   | $      | 9,160     |   |   | $ | 22,898 |   |
|                                                |   |   |      |   |   |   |   |   |
| Net income (loss) allocated to assignees            |   | $      | 906,870   |   |   | $ | 2,266,864 |   |
|                                                |   |   |      |   |   |   |   |   |
| Net income (loss) per BAC                           |   | $      | 0.05      |   |   | $ | 0.12 |   |

----

|                                                |   | Series 7 |   |
|-----------------------------------------------------|--------|---------------|--------|
|                                                |   | 2011          |   |   | 2010 |   |
| Income                                              |   |          |   |   |   |   |
| Interest income                                     |   | $             | -      |   |   | $ | 110 |   |
| Miscellaneous income                                |   |          | -      |   |   |   | - |   |
|                                                |   |          |   |   |   |   |   |   |
| Total income                                        |   |          | -      |   |   |   | 110 |   |
|                                                |   |          |   |   |   |   |   |   |
| Share of income from operating limited partnerships |   |          | -      |   |   |   | - |   |
|                                                |   |          |   |   |   |   |   |   |
| Expenses                                            |   |          |   |   |   |   |   |   |
| Professional fees                                   |   |          | -      |   |   |   | 9,964 |   |
| Partnership management fee                          |   |          | -      |   |   |   | - |   |
| General and administrative expenses                 |   |          | -      |   |   |   | 8,061 |   |
|                                                |   |          |   |   |   |   |   |   |
|                                                |   |          | -      |   |   |   | 18,025 |   |
|                                                |   |          |   |   |   |   |   |   |
| NET INCOME (LOSS)                                   |   | $             | -      |   |   | $ | (17,915 | ) |
|                                                |   |          |   |   |   |   |   |   |
| Net income (loss) allocated to general partner      |   | $             | -      |   |   | $ | (179 | ) |
|                                                |   |          |   |   |   |   |   |   |
| Net income (loss) allocated to assignees            |   | $             | -      |   |   | $ | (17,736 | ) |
|                                                |   |          |   |   |   |   |   |   |
| Net income (loss) per BAC                           |   | $             | -      |   |   | $ | (0.02 | ) |

----

|                                                |   | Series 9 |     |
|-----------------------------------------------------|--------|---------------|----------|
|                                                |   | 2011          |     |   | 2010 |   |
| Income                                              |   |          |     |   |   |   |
| Interest income                                     |   | $             | 656      |   |   | $ | 595 |   |
| Miscellaneous income                                |   |          | 1,367    |   |   |   | 2,418 |   |
|                                                |   |          |     |   |   |   |   |   |
| Total income                                        |   |          | 2,023    |   |   |   | 3,013 |   |
|                                                |   |          |     |   |   |   |   |   |
| Share of income from operating limited partnerships |   |          | -        |   |   |   | 21,750 |   |
|                                                |   |          |     |   |   |   |   |   |
| Expenses                                            |   |          |     |   |   |   |   |   |
| Professional fees                                   |   |          | 37,641   |   |   |   | 35,038 |   |
| Partnership management fee                          |   |          | 191,164  |   |   |   | 200,169 |   |
| General and administrative expenses                 |   |          | 21,794   |   |   |   | 27,243 |   |
|                                                |   |          |     |   |   |   |   |   |
|                                                |   |          | 250,599  |   |   |   | 262,450 |   |
|                                                |   |          |     |   |   |   |   |   |
| NET INCOME (LOSS)                                   |   | $             | (248,576 | ) |   | $ | (237,687 | ) |
|                                                |   |          |     |   |   |   |   |   |
| Net income (loss) allocated to general partner      |   | $             | (2,486   | ) |   | $ | (2,377 | ) |
|                                                |   |          |     |   |   |   |   |   |
| Net income (loss) allocated to assignees            |   | $             | (246,090 | ) |   | $ | (235,310 | ) |
|                                                |   |          |     |   |   |   |   |   |
| Net income (loss) per BAC                           |   | $             | (0.06    | ) |   | $ | (0.06 | ) |

----

|                                                |   | Series 10 |    |
|-----------------------------------------------------|--------|----------------|---------|
|                                                |   | 2011           |    |   | 2010 |   |
| Income                                              |   |           |    |   |   |   |
| Interest income                                     |   | $              | 786     |   |   | $ | 817 |   |
| Miscellaneous income                                |   |           | 185,384 |   |   |   | 77,595 |   |
|                                                |   |           |    |   |   |   |   |   |
| Total income                                        |   |           | 186,170 |   |   |   | 78,412 |   |
|                                                |   |           |    |   |   |   |   |   |
| Share of income from operating limited partnerships |   |           | 6,276   |   |   |   | 857,039 |   |
|                                                |   |           |    |   |   |   |   |   |
| Expenses                                            |   |           |    |   |   |   |   |   |
| Professional fees                                   |   |           | 30,531  |   |   |   | 27,097 |   |
| Partnership management fee                          |   |           | 54,430  |   |   |   | 78,404 |   |
| General and administrative expenses                 |   |           | 16,459  |   |   |   | 21,352 |   |
|                                                |   |           |    |   |   |   |   |   |
|                                                |   |           | 101,420 |   |   |   | 126,853 |   |
|                                                |   |           |    |   |   |   |   |   |
| NET INCOME (LOSS)                                   |   | $              | 91,026  |   |   | $ | 808,598 |   |
|                                                |   |           |    |   |   |   |   |   |
| Net income (loss) allocated to general partner      |   | $              | 910     |   |   | $ | 8,086 |   |
|                                                |   |           |    |   |   |   |   |   |
| Net income (loss) allocated to assignees            |   | $              | 90,116  |   |   | $ | 800,512 |   |
|                                                |   |           |    |   |   |   |   |   |
| Net income (loss) per BAC                           |   | $              | 0.04    |   |   | $ | 0.33 |   |

----

|                                                |   | Series 11 |      |
|-----------------------------------------------------|--------|----------------|-----------|
|                                                |   | 2011           |      |   | 2010 |   |
| Income                                              |   |           |      |   |   |   |
| Interest income                                     |   | $              | 7,163     |   |   | $ | 1,131 |   |
| Miscellaneous income                                |   |           | 12,387    |   |   |   | 10,536 |   |
|                                                |   |           |      |   |   |   |   |   |
| Total income                                        |   |           | 19,550    |   |   |   | 11,667 |   |
|                                                |   |           |      |   |   |   |   |   |
| Share of income from operating limited partnerships |   |           | 1,217,636 |   |   |   | 878,930 |   |
|                                                |   |           |      |   |   |   |   |   |
| Expenses                                            |   |           |      |   |   |   |   |   |
| Professional fees                                   |   |           | 32,177    |   |   |   | 30,403 |   |
| Partnership management fee                          |   |           | 25,831    |   |   |   | 140,155 |   |
| General and administrative expenses                 |   |           | 15,620    |   |   |   | 20,157 |   |
|                                                |   |           |      |   |   |   |   |   |
|                                                |   |           | 73,628    |   |   |   | 190,715 |   |
|                                                |   |           |      |   |   |   |   |   |
| NET INCOME (LOSS)                                   |   | $              | 1,163,558 |   |   | $ | 699,882 |   |
|                                                |   |           |      |   |   |   |   |   |
| Net income (loss) allocated to general partner      |   | $              | 11,636    |   |   | $ | 6,999 |   |
|                                                |   |           |      |   |   |   |   |   |
| Net income (loss) allocated to assignees            |   | $              | 1,151,922 |   |   | $ | 692,883 |   |
|                                                |   |           |      |   |   |   |   |   |
| Net income (loss) per BAC                           |   | $              | 0.46      |   |   | $ | 0.28 |   |

----

|                                                |   | Series 12 |    |
|-----------------------------------------------------|--------|----------------|---------|
|                                                |   | 2011           |    |   | 2010 |   |
| Income                                              |   |           |    |   |   |   |
| Interest income                                     |   | $              | 1,568   |   |   | $ | 534 |   |
| Miscellaneous income                                |   |           | 11,950  |   |   |   | 15,329 |   |
|                                                |   |           |    |   |   |   |   |   |
| Total income                                        |   |           | 13,518  |   |   |   | 15,863 |   |
|                                                |   |           |    |   |   |   |   |   |
| Share of income from operating limited partnerships |   |           | 344,107 |   |   |   | - |   |
|                                                |   |           |    |   |   |   |   |   |
| Expenses                                            |   |           |    |   |   |   |   |   |
| Professional fees                                   |   |           | 47,086  |   |   |   | 34,384 |   |
| Partnership management fee                          |   |           | 100,781 |   |   |   | 130,245 |   |
| General and administrative expenses                 |   |           | 19,421  |   |   |   | 25,368 |   |
|                                                |   |           |    |   |   |   |   |   |
|                                                |   |           | 167,288 |   |   |   | 189,997 |   |
|                                                |   |           |    |   |   |   |   |   |
| NET INCOME (LOSS)                                   |   | $              | 190,337 |   |   | $ | (174,134 | ) |
|                                                |   |           |    |   |   |   |   |   |
| Net income (loss) allocated to general partner      |   | $              | 1,903   |   |   | $ | (1,741 | ) |
|                                                |   |           |    |   |   |   |   |   |
| Net income (loss) allocated to assignees            |   | $              | 188,434 |   |   | $ | (172,393 | ) |
|                                                |   |           |    |   |   |   |   |   |
| Net income (loss) per BAC                           |   | $              | 0.06    |   |   | $ | (0.06 | ) |
|                                                |   |           |    |   |   |   |   |   |

----

|                                                |   | Series 14 |     |
|-----------------------------------------------------|--------|----------------|----------|
|                                                |   | 2011           |     |   | 2010 |   |
| Income                                              |   |           |     |   |   |   |
| Interest income                                     |   | $              | 2,563    |   |   | $ | 2,314 |   |
| Miscellaneous income                                |   |           | 35,597   |   |   |   | 30,360 |   |
|                                                |   |           |     |   |   |   |   |   |
| Total income                                        |   |           | 38,160   |   |   |   | 32,674 |   |
|                                                |   |           |     |   |   |   |   |   |
| Share of income from operating limited partnerships |   |           | 73,862   |   |   |   | 1,529,152 |   |
|                                                |   |           |     |   |   |   |   |   |
| Expenses                                            |   |           |     |   |   |   |   |   |
| Professional fees                                   |   |           | 59,645   |   |   |   | 59,542 |   |
| Partnership management fee                          |   |           | 298,690  |   |   |   | 244,612 |   |
| General and administrative expenses                 |   |           | 34,002   |   |   |   | 46,654 |   |
|                                                |   |           |     |   |   |   |   |   |
|                                                |   |           | 392,337  |   |   |   | 350,808 |   |
|                                                |   |           |     |   |   |   |   |   |
| NET INCOME (LOSS)                                   |   | $              | (280,315 | ) |   | $ | 1,211,018 |   |
|                                                |   |           |     |   |   |   |   |   |
| Net income (loss) allocated to general partner      |   | $              | (2,803   | ) |   | $ | 12,110 |   |
|                                                |   |           |     |   |   |   |   |   |
| Net income (loss) allocated to assignees            |   | $              | (277,512 | ) |   | $ | 1,198,908 |   |
|                                                |   |           |     |   |   |   |   |   |
| Net income (loss) per BAC                           |   | $              | (0.05    | ) |   | $ | 0.22 |   |
|                                                |   |           |     |   |   |   |   |   |

----

| Total                                             |   | Assignees |        |   | Generalpartner |   |       | Total  |   |
|---------------------------------------------------|--------|-----------|-------------|--------|----------------|--------|------------|--------|--------|
|                                              |   |      |        |   |           |   |       |   |   |
| Partners’ capital (deficit), March 31, 2009 |   |      | (21,326,450 | )      |           |   | (1,784,144 | )      |   |   | (23,110,594 | ) |
|                                              |   |      |        |   |           |   |       |   |   |   |   |   |
| Net income (loss)                                 |   |      | 2,266,864   |   |           |   | 22,898     |   |   |   | 2,289,762 |   |
|                                              |   |      |        |   |           |   |       |   |   |   |   |   |
| Contributions                                     |   |      | -           |   |           |   | 173,840    |   |   |   | 173,840 |   |
|                                              |   |      |        |   |           |   |       |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |      | (19,059,586 | )      |           |   | (1,587,406 | )      |   |   | (20,646,992 | ) |
|                                              |   |      |        |   |           |   |       |   |   |   |   |   |
| Net income (loss)                                 |   |      | 906,870     |   |           |   | 9,160      |   |   |   | 916,030 |   |
|                                              |   |      |        |   |           |   |       |   |   |   |   |   |
| Distributions                                     |   |      | (73,803     | )      |           |   | (745       | )      |   |   | (74,548 | ) |
|                                              |   |      |        |   |           |   |       |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $         | (18,226,519 | )      |           | $      | (1,578,991 | )      |   | $ | (19,805,510 | ) |
|                                              |   |      |        |   |           |   |       |   |   |   |   |   |

----

| Series 7                                          |   | Assignees |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |      |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   |      | (66,770    | )      |           |   | (89,155  | )      |   |   | (155,925 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |      | (17,736    | )      |           |   | (179     | )      |   |   | (17,915 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Contributions                                     |   |      | -          |   |           |   | 173,840  |   |   |   | 173,840 |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |      | (84,506    | )      |           |   | 84,506   |   |   |   | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |      | -          |   |           |   | -        |   |   |   | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Distributions                                     |   |      | -          |   |           |   | -        |   |   |   | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $         | (84,506    | )      |           | $      | 84,506   |   |   | $ | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Series 9                                          |   | Assignees |       |   | Generalpartner |   |     | Total  |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2009 |   |      | (5,638,240 | )      |           |   | (395,172 | )      |   |   | (6,033,412 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |      | (235,310   | )      |           |   | (2,377   | )      |   |   | (237,687 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Contributions                                     |   |      | -          |   |           |   | -        |   |   |   | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |      | (5,873,550 | )      |           |   | (397,549 | )      |   |   | (6,271,099 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |      | (246,090   | )      |           |   | (2,486   | )      |   |   | (248,576 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Distributions                                     |   |      | -          |   |           |   | -        |   |   |   | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $         | (6,119,640 | )      |           | $      | (400,035 | )      |   | $ | (6,519,675 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |

----

| Series 10                                         |   | Assignees |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |      |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   |      | (2,592,536 | )      |           |   | (223,069 | )      |   |   | (2,815,605 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |      | 800,512    |   |           |   | 8,086    |   |   |   | 808,598 |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Contributions                                     |   |      | -          |   |           |   | -        |   |   |   | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |      | (1,792,024 | )      |           |   | (214,983 | )      |   |   | (2,007,007 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |      | 90,116     |   |           |   | 910      |   |   |   | 91,026 |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Distributions                                     |   |      | (73,803    | )      |           |   | (745     | )      |   |   | (74,548 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $         | (1,775,711 | )      |           | $      | (214,818 | )      |   | $ | (1,990,529 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Series 11                                         |   | Assignees |       |   | Generalpartner |   |     | Total  |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2009 |   |      | (2,337,938 | )      |           |   | (240,469 | )      |   |   | (2,578,407 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |      | 692,883    |   |           |   | 6,999    |   |   |   | 699,882 |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Contributions                                     |   |      | -          |   |           |   | -        |   |   |   | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |      | (1,645,055 | )      |           |   | (233,470 | )      |   |   | (1,878,525 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |      | 1,151,922  |   |           |   | 11,636   |   |   |   | 1,163,558 |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Distributions                                     |   |      | -          |   |           |   | -        |   |   |   | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $         | (493,133   | )      |           | $      | (221,834 | )      |   | $ | (714,967 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |

----

| Series 12                                         |   | Assignees |       |   | Generalpartner |   |     | Total  |   |
|---------------------------------------------------|--------|-----------|------------|--------|----------------|--------|----------|--------|--------|
|                                              |   |      |       |   |           |   |     |   |   |
| Partners’ capital (deficit), March 31, 2009 |   |      | (3,349,622 | )      |           |   | (287,502 | )      |   |   | (3,637,124 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |      | (172,393   | )      |           |   | (1,741   | )      |   |   | (174,134 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Contributions                                     |   |      | -          |   |           |   | -        |   |   |   | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |      | (3,522,015 | )      |           |   | (289,243 | )      |   |   | (3,811,258 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |      | 188,434    |   |           |   | 1,903    |   |   |   | 190,337 |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Distributions                                     |   |      | -          |   |           |   | -        |   |   |   | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $         | (3,333,581 | )      |           | $      | (287,340 | )      |   | $ | (3,620,921 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Series 14                                         |   | Assignees |       |   | Generalpartner |   |     | Total  |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2009 |   |      | (7,341,344 | )      |           |   | (548,777 | )      |   |   | (7,890,121 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |      | 1,198,908  |   |           |   | 12,110   |   |   |   | 1,211,018 |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Contributions                                     |   |      | -          |   |           |   | -        |   |   |   | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2010 |   |      | (6,142,436 | )      |           |   | (536,667 | )      |   |   | (6,679,103 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Net income (loss)                                 |   |      | (277,512   | )      |           |   | (2,803   | )      |   |   | (280,315 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Distributions                                     |   |      | -          |   |           |   | -        |   |   |   | - |   |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |
| Partners’ capital (deficit), March 31, 2011 |   | $         | (6,419,948 | )      |           | $      | (539,470 | )      |   | $ | (6,959,418 | ) |
|                                              |   |      |       |   |           |   |     |   |   |   |   |   |

----

|                                                                                              |   | Total  |       |
|---------------------------------------------------------------------------------------------------|--------|--------|------------|
|                                                                                              |   | 2011   |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |   |       |   |   |   |
| Net income (loss)                                                                                 |   | $      | 916,030    |   |   | $ | 2,289,762 |   |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |   |       |   |   |   |   |   |
| Share of income from operating limited partnerships                                               |   |   | (1,641,881 | ) |   |   | (3,286,871 | ) |
| Changes in assets and liabilities                                                                 |   |   |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                             |   |   | (98,500    | ) |   |   | 128,590 |   |
| Accounts payable - affiliates                                                                     |   |   | (544,848   | ) |   |   | (2,224,006 | ) |
| Other assets                                                                                      |   |   | 1,800      |   |   |   | (5,100 | ) |
|                                                                                              |   |   |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |   | (1,367,399 | ) |   |   | (3,097,625 | ) |
|                                                                                              |   |   |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |   |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |   | -          |   |   |   | (23 | ) |
| Proceeds from disposition of operating limited partnerships                                       |   |   | 1,641,881  |   |   |   | 3,286,871 |   |
|                                                                                              |   |   |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |   | 1,641,881  |   |   |   | 3,286,848 |   |
|                                                                                              |   |   |       |   |   |   |   |   |
| Cash flows from financing activities                                                              |   |   |       |   |   |   |   |   |
| Distributions paid to assignees                                                                   |   |   | (74,548    | ) |   |   | - |   |
|                                                                                              |   |   |       |   |   |   |   |   |
| Net cash provided by (used in) financing activities                                               |   |   | (74,548    | ) |   |   | - |   |
|                                                                                              |   |   |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |   | 199,934    |   |   |   | 189,223 |   |
|                                                                                              |   |   |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |   | 1,418,207  |   |   |   | 1,228,984 |   |
|                                                                                              |   |   |       |   |   |   |   |   |
| Cash and cash equivalents, end                                                                    |   | $      | 1,618,141  |   |   | $ | 1,418,207 |   |
|                                                                                              |   |   |       |   |   |   |   |   |
| Supplemental schedule of noncash investing and financing activities:                              |   |   |       |   |   |   |   |   |
| The Partnership has applied accounts payable as a general partner capital contribution.           |   | $      | -          |   |   | $ | 173,840 |   |
|                                                                                              |   |   |       |   |   |   |   |   |
|                                                                                              |   | $      | -          |   |   | $ | - |   |
|                                                                                              |   |   |       |   |   |   |   |   |

----

|                                                                                              |   | Series 7 |   |
|---------------------------------------------------------------------------------------------------|--------|---------------|--------|
|                                                                                              |   | 2011          |   |   | 2010 |   |
| Cash flows from operating activities                                                              |   |          |   |   |   |   |
| Net income (loss)                                                                                 |   | $             | -      |   |   | $ | (17,915 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |          |   |   |   |   |   |   |
| Share of income from operating limited partnerships                                               |   |          | -      |   |   |   | - |   |
| Changes in assets and liabilities                                                                 |   |          |   |   |   |   |   |   |
| Accounts payable and accrued expenses                                                             |   |          | -      |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |          | -      |   |   |   | (41,453 | ) |
| Other assets                                                                                      |   |          | -      |   |   |   | - |   |
|                                                                                              |   |          |   |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |          | -      |   |   |   | (59,368 | ) |
|                                                                                              |   |          |   |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |          |   |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |          | -      |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |          | -      |   |   |   | - |   |
|                                                                                              |   |          |   |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |          | -      |   |   |   | - |   |
|                                                                                              |   |          |   |   |   |   |   |   |
| Cash flows from financing activities                                                              |   |          |   |   |   |   |   |   |
| Distributions paid to assignees                                                                   |   |          | -      |   |   |   | - |   |
|                                                                                              |   |          |   |   |   |   |   |   |
| Net cash provided by (used in) financing activities                                               |   |          | -      |   |   |   | - |   |
|                                                                                              |   |          |   |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |          | -      |   |   |   | (59,368 | ) |
|                                                                                              |   |          |   |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |          | -      |   |   |   | 59,368 |   |
|                                                                                              |   |          |   |   |   |   |   |   |
| Cash and cash equivalents, end                                                                    |   | $             | -      |   |   | $ | - |   |
|                                                                                              |   |          |   |   |   |   |   |   |
| Supplemental schedule of noncash investing and financing activities:                              |   |          |   |   |   |   |   |   |
| The Partnership has applied accounts payable as a general partner capital contribution.           |   | $             | -      |   |   | $ | 173,840 |   |

----

|                                                                                              |   | Series 9 |     |
|---------------------------------------------------------------------------------------------------|--------|---------------|----------|
|                                                                                              |   | 2011          |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |          |     |   |   |   |
| Net income (loss)                                                                                 |   | $             | (248,576 | ) |   | $ | (237,687 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |          |     |   |   |   |   |   |
| Share of income from operating limited partnerships                                               |   |          | -        |   |   |   | (21,750 | ) |
| Changes in assets and liabilities                                                                 |   |          |     |   |   |   |   |   |
| Accounts payable and accrued expenses                                                             |   |          | -        |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |          | 204,984  |   |   |   | 140,641 |   |
| Other assets                                                                                      |   |          | -        |   |   |   | - |   |
|                                                                                              |   |          |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |          | (43,592  | ) |   |   | (118,796 | ) |
|                                                                                              |   |          |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |          |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |          | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |          | -        |   |   |   | 21,750 |   |
|                                                                                              |   |          |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |          | -        |   |   |   | 21,750 |   |
|                                                                                              |   |          |     |   |   |   |   |   |
| Cash flows from financing activities                                                              |   |          |     |   |   |   |   |   |
| Distributions paid to assignees                                                                   |   |          | -        |   |   |   | - |   |
|                                                                                              |   |          |     |   |   |   |   |   |
| Net cash provided by (used in) financing activities                                               |   |          | -        |   |   |   | - |   |
|                                                                                              |   |          |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |          | (43,592  | ) |   |   | (97,046 | ) |
|                                                                                              |   |          |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |          | 115,148  |   |   |   | 212,194 |   |
|                                                                                              |   |          |     |   |   |   |   |   |
| Cash and cash equivalents, end                                                                    |   | $             | 71,556   |   |   | $ | 115,148 |   |
|                                                                                              |   |          |     |   |   |   |   |   |
| Supplemental schedule of noncash investing and financing activities:                              |   |          |     |   |   |   |   |   |
| The Partnership has applied accounts payable as a general partner capital contribution.           |   | $             | -        |   |   | $ | - |   |

----

|                                                                                              |   | Series 10 |    |
|---------------------------------------------------------------------------------------------------|--------|----------------|---------|
|                                                                                              |   | 2011           |    |   | 2010 |   |
| Cash flows from operating activities                                                              |   |           |    |   |   |   |
| Net income (loss)                                                                                 |   | $              | 91,026  |   |   | $ | 808,598 |   |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |           |    |   |   |   |   |   |
| Share of income from operating limited partnerships                                               |   |           | (6,276  | ) |   |   | (857,039 | ) |
| Changes in assets and liabilities                                                                 |   |           |    |   |   |   |   |   |
| Accounts payable and accrued expenses                                                             |   |           | (30,000 | ) |   |   | 30,000 |   |
| Accounts payable - affiliates                                                                     |   |           | 96,888  |   |   |   | (772,514 | ) |
| Other assets                                                                                      |   |           | -       |   |   |   | - |   |
|                                                                                              |   |           |    |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |           | 151,638 |   |   |   | (790,955 | ) |
|                                                                                              |   |           |    |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |           |    |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |           | -       |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |           | 6,276   |   |   |   | 857,039 |   |
|                                                                                              |   |           |    |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |           | 6,276   |   |   |   | 857,039 |   |
|                                                                                              |   |           |    |   |   |   |   |   |
| Cash flows from financing activities                                                              |   |           |    |   |   |   |   |   |
| Distributions paid to assignees                                                                   |   |           | (74,548 | ) |   |   | - |   |
|                                                                                              |   |           |    |   |   |   |   |   |
| Net cash provided by (used in) financing activities                                               |   |           | (74,548 | ) |   |   | - |   |
|                                                                                              |   |           |    |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |           | 83,366  |   |   |   | 66,084 |   |
|                                                                                              |   |           |    |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |           | 186,720 |   |   |   | 120,636 |   |
|                                                                                              |   |           |    |   |   |   |   |   |
| Cash and cash equivalents, end                                                                    |   | $              | 270,086 |   |   | $ | 186,720 |   |
|                                                                                              |   |           |    |   |   |   |   |   |
| Supplemental schedule of noncash investing and financing activities:                              |   |           |    |   |   |   |   |   |
| The Partnership has applied accounts payable as a general partner capital contribution.           |   | $              | -       |   |   | $ | - |   |

----

|                                                                                              |   | Series 11 |       |
|---------------------------------------------------------------------------------------------------|--------|----------------|------------|
|                                                                                              |   | 2011           |       |   | 2010 |   |
| Cash flows from operating activities                                                              |   |           |       |   |   |   |
| Net income (loss)                                                                                 |   | $              | 1,163,558  |   |   | $ | 699,882 |   |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |           |       |   |   |   |   |   |
| Share of income from operating limited partnerships                                               |   |           | (1,217,636 | ) |   |   | (878,930 | ) |
| Changes in assets and liabilities                                                                 |   |           |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                             |   |           | (46,000    | ) |   |   | 45,990 |   |
| Accounts payable - affiliates                                                                     |   |           | (1,256,301 | ) |   |   | (388,340 | ) |
| Other assets                                                                                      |   |           | -          |   |   |   | - |   |
|                                                                                              |   |           |       |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |           | (1,356,379 | ) |   |   | (521,398 | ) |
|                                                                                              |   |           |       |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |           |       |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |           | -          |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |           | 1,217,636  |   |   |   | 878,930 |   |
|                                                                                              |   |           |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |           | 1,217,636  |   |   |   | 878,930 |   |
|                                                                                              |   |           |       |   |   |   |   |   |
| Cash flows from financing activities                                                              |   |           |       |   |   |   |   |   |
| Distributions paid to assignees                                                                   |   |           | -          |   |   |   | - |   |
|                                                                                              |   |           |       |   |   |   |   |   |
| Net cash provided by (used in) financing activities                                               |   |           | -          |   |   |   | - |   |
|                                                                                              |   |           |       |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |           | (138,743   | ) |   |   | 357,532 |   |
|                                                                                              |   |           |       |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |           | 603,898    |   |   |   | 246,366 |   |
|                                                                                              |   |           |       |   |   |   |   |   |
| Cash and cash equivalents, end                                                                    |   | $              | 465,155    |   |   | $ | 603,898 |   |
|                                                                                              |   |           |       |   |   |   |   |   |
| Supplemental schedule of noncash investing and financing activities:                              |   |           |       |   |   |   |   |   |
| The Partnership has applied accounts payable as a general partner capital contribution.           |   | $              | -          |   |   | $ | - |   |

----

|                                                                                              |   | Series 12 |     |
|---------------------------------------------------------------------------------------------------|--------|----------------|----------|
|                                                                                              |   | 2011           |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |           |     |   |   |   |
| Net income (loss)                                                                                 |   | $              | 190,337  |   |   | $ | (174,134 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |           |     |   |   |   |   |   |
| Share of income from operating limited partnerships                                               |   |           | (344,107 | ) |   |   | - |   |
| Changes in assets and liabilities                                                                 |   |           |     |   |   |   |   |   |
| Accounts payable and accrued expenses                                                             |   |           | 30,000   |   |   |   | - |   |
| Accounts payable - affiliates                                                                     |   |           | 138,792  |   |   |   | 150,168 |   |
| Other assets                                                                                      |   |           | -        |   |   |   | - |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |           | 15,022   |   |   |   | (23,966 | ) |
|                                                                                              |   |           |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |           |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |           | -        |   |   |   | - |   |
| Proceeds from disposition of operating limited partnerships                                       |   |           | 344,107  |   |   |   | - |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |           | 344,107  |   |   |   | - |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| Cash flows from financing activities                                                              |   |           |     |   |   |   |   |   |
| Distributions paid to assignees                                                                   |   |           | -        |   |   |   | - |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| Net cash provided by (used in) financing activities                                               |   |           | -        |   |   |   | - |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |           | 359,129  |   |   |   | (23,966 | ) |
|                                                                                              |   |           |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |           | 120,857  |   |   |   | 144,823 |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| Cash and cash equivalents, end                                                                    |   | $              | 479,986  |   |   | $ | 120,857 |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| Supplemental schedule of noncash investing and financing activities:                              |   |           |     |   |   |   |   |   |
| The Partnership has applied accounts payable as a general partner capital contribution.           |   | $              | -        |   |   | $ | - |   |

----

|                                                                                              |   | Series 14 |     |
|---------------------------------------------------------------------------------------------------|--------|----------------|----------|
|                                                                                              |   | 2011           |     |   | 2010 |   |
| Cash flows from operating activities                                                              |   |           |     |   |   |   |
| Net income (loss)                                                                                 |   | $              | (280,315 | ) |   | $ | 1,211,018 |   |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |   |           |     |   |   |   |   |   |
| Share of income from operating limited partnerships                                               |   |           | (73,862  | ) |   |   | (1,529,152 | ) |
| Changes in assets and liabilities                                                                 |   |           |     |   |   |   |   |   |
| Accounts payable and accrued expenses                                                             |   |           | (52,500  | ) |   |   | 52,600 |   |
| Accounts payable - affiliates                                                                     |   |           | 270,789  |   |   |   | (1,312,508 | ) |
| Other assets                                                                                      |   |           | 1,800    |   |   |   | (5,100 | ) |
|                                                                                              |   |           |     |   |   |   |   |   |
| Net cash provided by (used in) operating activities                                               |   |           | (134,088 | ) |   |   | (1,583,142 | ) |
|                                                                                              |   |           |     |   |   |   |   |   |
| Cash flows from investing activities                                                              |   |           |     |   |   |   |   |   |
| Capital contributions paid to operating limited partnerships                                      |   |           | -        |   |   |   | (23 | ) |
| Proceeds from disposition of operating limited partnerships                                       |   |           | 73,862   |   |   |   | 1,529,152 |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                               |   |           | 73,862   |   |   |   | 1,529,129 |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| Cash flows from financing activities                                                              |   |           |     |   |   |   |   |   |
| Distributions paid to assignees                                                                   |   |           | -        |   |   |   | - |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| Net cash provided by (used in) financing activities                                               |   |           | -        |   |   |   | - |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                              |   |           | (60,226  | ) |   |   | (54,013 | ) |
|                                                                                              |   |           |     |   |   |   |   |   |
| Cash and cash equivalents, beginning                                                              |   |           | 391,584  |   |   |   | 445,597 |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| Cash and cash equivalents, end                                                                    |   | $              | 331,358  |   |   | $ | 391,584 |   |
|                                                                                              |   |           |     |   |   |   |   |   |
| Supplemental schedule of noncash investing and financing activities:                              |   |           |     |   |   |   |   |   |
| The Partnership has applied accounts payable as a general partner capital contribution.           |   | $              | -        |   |   | $ | - |   |

----

|                      |   | 2011   |       |   | 2010   |   |
|---------------------------|--------|--------|------------|--------|--------|--------|
| Series   7 |   |   | 1,036,100  |   |   |   | 1,036,100 |   |
| Series   9 |   |   | 4,178,029  |   |   |   | 4,178,029 |   |
| Series 10                 |   |   | 2,428,925  |   |   |   | 2,428,925 |   |
| Series 11                 |   |   | 2,489,599  |   |   |   | 2,489,599 |   |
| Series 12                 |   |   | 2,972,795  |   |   |   | 2,972,795 |   |
| Series 14                 |   |   | 5,574,290  |   |   |   | 5,574,290 |   |
|                      |   |   | 18,679,738 |   |   |   | 18,679,738 |   |

----

|                      |   | 2011   |    |   | 2010   |   |
|---------------------------|--------|--------|---------|--------|--------|--------|
| Series   7 |   | $      | -       |   |   | $      | - |   |
| Series   9 |   |   | 30,198  |   |   |   | 30,198 |   |
| Series 10                 |   |   | 5,443   |   |   |   | 5,443 |   |
| Series 11                 |   |   | 72,890  |   |   |   | 72,890 |   |
| Series 12                 |   |   | 86,870  |   |   |   | 86,870 |   |
| Series 14                 |   |   | 16,744  |   |   |   | 16,744 |   |
|                      |   | $      | 212,145 |   |   | $      | 212,145 |   |

----

----

----

|                |   | 2011   |       |   | 2010   |   |
|---------------------|--------|--------|------------|--------|--------|--------|
| Series  7 |   |   | 1,036,100  |   |   |   | 1,036,100 |   |
| Series  9 |   |   | 4,177,329  |   |   |   | 4,178,029 |   |
| Series 10           |   |   | 2,427,925  |   |   |   | 2,428,925 |   |
| Series 11           |   |   | 2,489,599  |   |   |   | 2,489,599 |   |
| Series 12           |   |   | 2,972,795  |   |   |   | 2,972,795 |   |
| Series 14           |   |   | 5,574,290  |   |   |   | 5,574,290 |   |
| TOTAL               |   |   | 18,678,038 |   |   |   | 18,679,738 |   |

----

----

----

|                      |   | 2011   |    |   | 2010   |   |
|---------------------------|--------|--------|---------|--------|--------|--------|
| Series   7 |   | $      | -       |   |   | $      | - |   |
| Series   9 |   |   | 204,984 |   |   |   | 220,641 |   |
| Series 10                 |   |   | 96,888  |   |   |   | 107,486 |   |
| Series 11                 |   |   | 131,199 |   |   |   | 191,121 |   |
| Series 12                 |   |   | 138,792 |   |   |   | 150,168 |   |
| Series 14                 |   |   | 370,789 |   |   |   | 450,150 |   |
| TOTAL                     |   | $      | 942,652 |   |   | $      | 1,119,566 |   |

|                      |   | 2011   |    |   | 2010   |   |
|---------------------------|--------|--------|---------|--------|--------|--------|
| Series   7 |   | $      | -       |   |   | $      | - |   |
| Series   9 |   |   | 13,820  |   |   |   | 20,472 |   |
| Series 10                 |   |   | 42,458  |   |   |   | 29,082 |   |
| Series 11                 |   |   | 105,368 |   |   |   | 50,966 |   |
| Series 12                 |   |   | 38,011  |   |   |   | 19,923 |   |
| Series 14                 |   |   | 72,099  |   |   |   | 205,538 |   |
| TOTAL                     |   | $      | 271,756 |   |   | $      | 325,981 |   |

----

|                      |   | 2011   |      |   | 2010   |   |
|---------------------------|--------|--------|-----------|--------|--------|--------|
| Series   7 |   | $      | -         |   |   | $      | - |   |
| Series   9 |   |   | -         |   |   |   | 80,000 |   |
| Series 10                 |   |   | -         |   |   |   | 880,000 |   |
| Series 11                 |   |   | 1,387,500 |   |   |   | 480,000 |   |
| Series 12                 |   |   | -         |   |   |   | - |   |
| Series 14                 |   |   | 100,000   |   |   |   | 1,590,000 |   |
| TOTAL                     |   | $      | 1,487,500 |   |   | $      | 3,030,000 |   |

|                      |   | 2011   |    |   | 2010   |   |
|---------------------------|--------|--------|---------|--------|--------|--------|
| Series   7 |   | $      | -       |   |   | $      | - |   |
| Series   9 |   |   | -       |   |   |   | - |   |
| Series 10                 |   |   | -       |   |   |   | - |   |
| Series 11                 |   |   | -       |   |   |   | - |   |
| Series 12                 |   |   | 153,188 |   |   |   | 153,188 |   |
| Series 14                 |   |   | -       |   |   |   | - |   |
| TOTAL                     |   | $      | 153,188 |   |   | $      | 153,188 |   |

----

|                      |   | 2011   |   |   | 2010   |   |
|---------------------------|--------|--------|--------|--------|--------|--------|
| Series   7 |   | $      | -      |   |   | $      | 5,075 |   |
| Series   9 |   |   | 13,615 |   |   |   | 13,258 |   |
| Series 10                 |   |   | 10,916 |   |   |   | 10,483 |   |
| Series 11                 |   |   | 10,526 |   |   |   | 10,550 |   |
| Series 12                 |   |   | 12,816 |   |   |   | 12,422 |   |
| Series 14                 |   |   | 21,831 |   |   |   | 23,065 |   |
| TOTAL                     |   | $      | 69,704 |   |   | $      | 74,853 |   |

----

|                      |   | 2011   |   |   | 2010   |   |
|---------------------------|--------|--------|--------|--------|--------|--------|
| Series   7 |   |   | -      |   |   |   | - |   |
| Series   9 |   |   | 24     |   |   |   | 24 |   |
| Series 10                 |   |   | 16     |   |   |   | 16 |   |
| Series 11                 |   |   | 16     |   |   |   | 17 |   |
| Series 12                 |   |   | 23     |   |   |   | 26 |   |
| Series 14                 |   |   | 51     |   |   |   | 53 |   |
| TOTAL                     |   |   | 130    |   |   |   | 136 |   |

----

|                      |   | Operating   |   |   | Sale of |   |   |               |   |   |                |   |
|---------------------------|--------|-------------|--------|--------|--------------|--------|--------|--------------------|--------|--------|---------------------|--------|
|                      |   | Partnership |   |   | Underlying   |   |   | Partnership        |   |   |                |   |
|                      |   | Interest    |   |   | Operating    |   |   | Proceeds from |   |   | Gain/(Loss) on |   |
|                      |   | Transferred |   |   | Partnership  |   |   | Disposition        |   |   | Disposition         |   |
| Series   7 |   |        | -      |   |         |   | -      |               |   | $      | -                   |   |   | $ | - |   |
| Series   9 |   |        | -      |   |         |   | -      |               |   |   | -                   |   |   |   | - |   |
| Series 10                 |   |        | -      |   |         |   | -      |               |   |   | 6,276               |   |   |   | 6,276 |   |
| Series 11                 |   |        | -      |   |         |   | 1      |               |   |   | 1,217,636           |   |   |   | 1,217,636 |   |
| Series 12                 |   |        | -      |   |         |   | 3      |               |   |   | 344,107             |   |   |   | 344,107 |   |
| Series 14                 |   |        | -      |   |         |   | 2      |               |   |   | 73,862              |   |   |   | 73,862 |   |
| Total                     |   |        | -      |   |         |   | 6      |               |   | $      | 1,641,881           |   |   | $ | 1,641,881 |   |

|                      |   | Operating   |   |   | Sale of |   |   |               |   |   |                |   |
|---------------------------|--------|-------------|--------|--------|--------------|--------|--------|--------------------|--------|--------|---------------------|--------|
|                      |   | Partnership |   |   | Underlying   |   |   | Partnership        |   |   |                |   |
|                      |   | Interest    |   |   | Operating    |   |   | Proceeds from |   |   | Gain/(Loss) on |   |
|                      |   | Transferred |   |   | Partnership  |   |   | Disposition        |   |   | Disposition         |   |
| Series   7 |   |        | -      |   |         |   | -      |               |   | $      | -                   |   |   | $ | - |   |
| Series   9 |   |        | 1      |   |         |   | 1      |               |   |   | 21,750              |   |   |   | 21,750 |   |
| Series 10                 |   |        | 1      |   |         |   | 1      |               |   |   | 857,039             |   |   |   | 857,039 |   |
| Series 11                 |   |        | -      |   |         |   | 3      |               |   |   | 878,930             |   |   |   | 878,930 |   |
| Series 12                 |   |        | -      |   |         |   | -      |               |   |   | -                   |   |   |   | - |   |
| Series 14                 |   |        | 8      |   |         |   | 2      |               |   |   | 1,529,152           |   |   |   | 1,529,152 |   |
| Total                     |   |        | 10     |   |         |   | 7      |               |   | $      | 3,286,871           |   |   | $ | 3,286,871 |   |

----

|                      |   | 2011   |    |   | 2010   |   |
|---------------------------|--------|--------|---------|--------|--------|--------|
| Series   7 |   | $      | -       |   |   | $      | - |   |
| Series   9 |   |   | -       |   |   |   | - |   |
| Series 10                 |   |   | -       |   |   |   | - |   |
| Series 11                 |   |   | -       |   |   |   | - |   |
| Series 12                 |   |   | 9,241   |   |   |   | 9,241 |   |
| Series 14                 |   |   | 160,733 |   |   |   | 160,733 |   |
| TOTAL                     |   | $      | 169,974 |   |   | $      | 169,974 |   |

----

|                                                                                                                                                                                                                                                                                                                                              |   | Total  |        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                                                          |   | $      | 40,341,117  |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                                                               |   |   | 5,462,155   |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                                                      |   |   | (286,639    | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                                                       |   |   | (3,982,635  | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                                                             |   |   | (41,533,998 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Investments in operating limited partnerships per balance sheets                                                                                                                                                                                                                                                                                  |   |   | -           |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| The Partnership (has recorded) has not recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011, which (have not) have been included in the Partnerships’ capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |   | (139,775    | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| The Partnership has recorded acquisition costs at March 31, 2011, which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                                              |   |   | (440,012    | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).                                                                                                                |   |   | 984,858     |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                                         |   |   | (34,676,928 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| The Partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                                 |   |   | 453,476     |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                                                       |   |   | 3,982,635   |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Other                                                                                                                                                                                                                                                                                                                                             |   |   | 560,873     |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                                                    |   | $      | (29,274,873 | ) |

----

|                                                                                                     |   | Series 7 |   |   | Series 9 |   |       | Series 10 |   |
|----------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|---------------|--------|------------|----------------|--------|
|                                                                                                     |   |          |   |   |          |   |       |           |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters |   | $             | -      |   |          | $      | 8,137,530  |           |   | $ | 4,038,966 |   |
|                                                                                                     |   |          |   |   |          |   |       |           |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                      |   |          | -      |   |          |   | 1,154,369  |           |   |   | 451,024 |   |
|                                                                                                     |   |          |   |   |          |   |       |           |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                             |   |          | -      |   |          |   | (28,246    | )              |   |   | (31,287 | ) |
|                                                                                                     |   |          |   |   |          |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                              |   |          | -      |   |          |   | (369,919   | )              |   |   | (628,541 | ) |
|                                                                                                     |   |          |   |   |          |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                    |   |          | -      |   |          |   | (8,893,734 | )              |   |   | (3,830,162 | ) |
|                                                                                                     |   |          |   |   |          |   |       |           |   |   |   |   |
| Investments in operating limited partnerships per balance sheets                                         |   |          | -      |   |          |   | -          |           |   |   | - |   |

----

|                                                                                                                                                                                                                                                                                                                                              |   | Series 7 |   |   | Series 9 |   |       | Series 10 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|---------------|--------|------------|----------------|--------|
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |
| The Partnership (has recorded) has not recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011, which (have not) have been included in the Partnerships’ capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |          | -      |   |          |   | -          |           |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| The Partnership has recorded acquisition costs at March 31, 2011, which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                                              |   |          | -      |   |          |   | (135,615   | )              |   |   | (1,908 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).                                                                                                                |   |          | -      |   |          |   | -          |           |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                                         |   |          | -      |   |          |   | (8,343,885 | )              |   |   | (3,243,148 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| The Partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                                 |   |          | -      |   |          |   | 43,771     |           |   |   | 24,277 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                                                       |   |          | -      |   |          |   | 369,919    |           |   |   | 628,541 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                                                             |   |          | -      |   |          |   | 295,448    |           |   |   | (33,814 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                                                    |   | $             | -      |   |          | $      | (7,770,362 | )              |   | $ | (2,626,052 | ) |

----

|                                                                                                     |   | Series 11 |       |   | Series 12 |   |       | Series 14 |   |
|----------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
|                                                                                                     |   |           |       |   |           |   |       |           |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters |   | $              | 5,468,694  |   |           | $      | 5,430,816  |           |   | $ | 17,265,111 |   |
|                                                                                                     |   |           |       |   |           |   |       |           |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                      |   |           | 765,909    |   |           |   | 691,480    |           |   |   | 2,399,373 |   |
|                                                                                                     |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                             |   |           | (54,407    | )      |           |   | (8,581     | )              |   |   | (164,118 | ) |
|                                                                                                     |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                              |   |           | (282,491   | )      |           |   | (171,947   | )              |   |   | (2,529,737 | ) |
|                                                                                                     |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                    |   |           | (5,897,705 | )      |           |   | (5,941,768 | )              |   |   | (16,970,629 | ) |
|                                                                                                     |   |           |       |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships per balance sheets                                         |   |           | -          |   |           |   | -          |           |   |   | - |   |

----

|                                                                                                                                                                                                                                                                                                                                              |   | Series 11 |       |   | Series 12 |   |       | Series 14 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |
| The Partnership (has recorded) has not recorded capital contributions to the operating limited partnerships during the year ended March 31, 2011, which (have not) have been included in the Partnerships’ capital account included in the operating limited partnerships’ financial statements as of December 31, 2010 (see note A). |   |           | -          |   |           |   | -          |           |   |   | (139,775 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| The Partnership has recorded acquisition costs at March 31, 2011, which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                                              |   |           | (6,867     | )      |           |   | (33,153    | )              |   |   | (262,469 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).                                                                                                                |   |           | -          |   |           |   | 177,104    |           |   |   | 807,754 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                                         |   |           | (4,272,778 | )      |           |   | (6,461,505 | )              |   |   | (12,355,612 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| The Partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                                 |   |           | 101,163    |   |           |   | 168,031    |           |   |   | 116,234 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                                                       |   |           | 282,491    |   |           |   | 171,947    |           |   |   | 2,529,737 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                                                             |   |           | 409,272    |   |           |   | 54,320     |           |   |   | (164,353 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                                                    |   | $              | (3,486,719 | )      |           | $      | (5,923,256 | )              |   | $ | (9,468,484 | ) |

----

|                                                                                                                                                                                                                                                                                                                                              |   | Total  |        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters                                                                                                                                                                                                                                          |   | $      | 49,078,644  |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Acquisition costs of operating limited partnerships                                                                                                                                                                                                                                                                                               |   |   | 6,007,654   |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Cumulative distributions from operating limited partnerships                                                                                                                                                                                                                                                                                      |   |   | (765,362    | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                                                       |   |   | (6,150,022  | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Cumulative losses from operating limited partnerships                                                                                                                                                                                                                                                                                             |   |   | (48,170,914 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Investments in operating limited partnerships per balance sheets                                                                                                                                                                                                                                                                                  |   |   | -           |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| The Partnership (has recorded) has not recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010, which (have not) have been included in the Partnerships’ capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |   | (139,775    | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| The Partnership has recorded acquisition costs at March 31, 2010, which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                                              |   |   | (596,891    | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).                                                                                                                |   |   | 996,196     |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                                         |   |   | (33,637,793 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| The Partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                                 |   |   | 550,781     |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                                                       |   |   | 6,150,022   |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Other                                                                                                                                                                                                                                                                                                                                             |   |   | 830,467     |   |
|                                                                                                                                                                                                                                                                                                                                              |   |   |        |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                                                    |   | $      | (25,846,993 | ) |

----

|                                                                                                     |   | Series 7 |   |   | Series 9 |   |       | Series 10 |   |
|----------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|---------------|--------|------------|----------------|--------|
|                                                                                                     |   |          |   |   |          |   |       |           |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters |   | $             | -      |   |          | $      | 8,137,530  |           |   | $ | 4,038,966 |   |
|                                                                                                     |   |          |   |   |          |   |       |           |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                      |   |          | -      |   |          |   | 1,154,369  |           |   |   | 451,024 |   |
|                                                                                                     |   |          |   |   |          |   |       |           |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                             |   |          | -      |   |          |   | (28,246    | )              |   |   | (31,287 | ) |
|                                                                                                     |   |          |   |   |          |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                              |   |          | -      |   |          |   | (369,919   | )              |   |   | (623,926 | ) |
|                                                                                                     |   |          |   |   |          |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                    |   |          | -      |   |          |   | (8,893,734 | )              |   |   | (3,834,777 | ) |
|                                                                                                     |   |          |   |   |          |   |       |           |   |   |   |   |
| Investments in operating limited partnerships per balance sheets                                         |   |          | -      |   |          |   | -          |           |   |   | - |   |

----

|                                                                                                                                                                                                                                                                                                                                              |   | Series 7 |   |   | Series 9 |   |       | Series 10 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|---------------|--------|------------|----------------|--------|
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |
| The Partnership (has recorded) has not recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010, which (have not) have been included in the Partnerships’ capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |          | -      |   |          |   | -          |           |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| The Partnership has recorded acquisition costs at March 31, 2010, which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                                              |   |          | -      |   |          |   | (135,615   | )              |   |   | (1,908 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).                                                                                                                |   |          | -      |   |          |   | -          |           |   |   | - |   |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                                         |   |          | -      |   |          |   | (8,534,370 | )              |   |   | (2,909,879 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| The Partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                                 |   |          | -      |   |          |   | 43,771     |           |   |   | 24,277 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                                                       |   |          | -      |   |          |   | 369,919    |           |   |   | 623,926 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                                                             |   |          | -      |   |          |   | 296,122    |           |   |   | 146,891 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |          |   |   |          |   |       |           |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                                                    |   | $             | -      |   |          | $      | (7,960,173 | )              |   | $ | (2,116,693 | ) |

----

|                                                                                                     |   | Series 11 |       |   | Series 12 |   |       | Series 14 |   |
|----------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
|                                                                                                     |   |           |       |   |           |   |       |           |   |
| Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters |   | $              | 11,105,178 |   |           | $      | 6,938,916  |           |   | $ | 18,858,054 |   |
|                                                                                                     |   |           |       |   |           |   |       |           |   |   |   |   |
| Acquisition costs of operating limited partnerships                                                      |   |           | 920,664    |   |           |   | 822,241    |           |   |   | 2,659,356 |   |
|                                                                                                     |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative distributions from operating limited partnerships                                             |   |           | (420,782   | )      |           |   | (39,210    | )              |   |   | (245,837 | ) |
|                                                                                                     |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                              |   |           | (1,682,306 | )      |           |   | (613,495   | )              |   |   | (2,860,376 | ) |
|                                                                                                     |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships                                                    |   |           | (9,922,754 | )      |           |   | (7,108,452 | )              |   |   | (18,411,197 | ) |
|                                                                                                     |   |           |       |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships per balance sheets                                         |   |           | -          |   |           |   | -          |           |   |   | - |   |

----

|                                                                                                                                                                                                                                                                                                                                              |   | Series 11 |       |   | Series 12 |   |       | Series 14 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |
| The Partnership (has recorded) has not recorded capital contributions to the operating limited partnerships during the year ended March 31, 2010, which (have not) have been included in the Partnerships’ capital account included in the operating limited partnerships’ financial statements as of December 31, 2009 (see note A). |   |           | -          |   |           |   | -          |           |   |   | (139,775 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| The Partnership has recorded acquisition costs at March 31, 2010, which have not been recorded in the net assets of the operating limited partnerships (see note A).                                                                                                                                                                              |   |           | (6,867     | )      |           |   | (61,414    | )              |   |   | (391,087 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A).                                                                                                                |   |           | -          |   |           |   | 188,442    |           |   |   | 807,754 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).                                                                                                                                                                                                                         |   |           | (4,150,927 | )      |           |   | (6,497,307 | )              |   |   | (11,545,310 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| The Partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).                                                                                                                                                                                                                 |   |           | 101,163    |   |           |   | 170,369    |           |   |   | 211,201 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| Cumulative impairment loss in investments in operating limited partnerships                                                                                                                                                                                                                                                                       |   |           | 1,682,306  |   |           |   | 613,495    |           |   |   | 2,860,376 |   |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                                                                                                                                                                                                                                                                                             |   |           | 484,502    |   |           |   | 57,113     |           |   |   | (154,161 | ) |
|                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |       |           |   |   |   |   |
| Equity per operating limited partnerships’ combined financial statements                                                                                                                                                                                                                                                                    |   | $              | (1,889,823 | )      |           | $      | (5,529,302 | )              |   | $ | (8,351,002 | ) |

----

|                                                        |   | Total  |        |   | Series 7 |   |   | Series 9 |   |   | Series 10  |   |
|-------------------------------------------------------------|--------|--------|-------------|--------|----------|--------|--------|----------|--------|--------|------------|--------|
| ASSETS                                                      |   |   |        |   |     |   |   |     |   |   |       |   |
|                                                        |   |   |        |   |     |   |   |     |   |   |       |   |
| Buildings and improvements, net of accumulated depreciation |   | $      | 89,290,638  |   |     | $      | -      |     |   | $      | 18,929,470 |   |   | $ | 10,611,555 |   |
| Land                                                        |   |   | 9,880,141   |   |     |   | -      |     |   |   | 2,058,491  |   |   |   | 988,347 |   |
| Other assets                                                |   |   | 20,535,968  |   |     |   | -      |     |   |   | 3,782,741  |   |   |   | 2,388,481 |   |
|                                                        |   |   |        |   |     |   |   |     |   |   |       |   |   |   |   |   |
|                                                        |   | $      | 119,706,747 |   |     | $      | -      |     |   | $      | 24,770,702 |   |   | $ | 13,988,383 |   |
|                                                        |   |   |        |   |     |   |   |     |   |   |       |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |   |        |   |     |   |   |     |   |   |       |   |   |   |   |   |
|                                                        |   |   |        |   |     |   |   |     |   |   |       |   |   |   |   |   |
| Mortgages and construction loans payable                    |   | $      | 140,393,760 |   |     | $      | -      |     |   | $      | 31,112,909 |   |   | $ | 15,414,225 |   |
| Accounts payable and accrued expenses                       |   |   | 2,325,783   |   |     |   | -      |     |   |   | 572,478    |   |   |   | 127,124 |   |
| Other liabilities                                           |   |   | 6,599,273   |   |     |   | -      |     |   |   | 2,075,128  |   |   |   | 294,760 |   |
|                                                        |   |   |        |   |     |   |   |     |   |   |       |   |   |   |   |   |
|                                                        |   |   | 149,318,816 |   |     |   | -      |     |   |   | 33,760,515 |   |   |   | 15,836,109 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |   |        |   |     |   |   |     |   |   |       |   |   |   |   |   |
| Boston Capital Tax Credit Fund II Limited Partnership       |   |   | (29,274,873 | )      |     |   | -      |     |   |   | (7,770,362 | )      |   |   | (2,626,052 | ) |
| Other partners                                              |   |   | (337,196    | )      |     |   | -      |     |   |   | (1,219,451 | )      |   |   | 778,326 |   |
|                                                        |   |   |        |   |     |   |   |     |   |   |       |   |   |   |   |   |
|                                                        |   |   | (29,612,069 | )      |     |   | -      |     |   |   | (8,989,813 | )      |   |   | (1,847,726 | ) |
|                                                        |   |   |        |   |     |   |   |     |   |   |       |   |   |   |   |   |
|                                                        |   | $      | 119,706,747 |   |     | $      | -      |     |   | $      | 24,770,702 |   |   | $ | 13,988,383 |   |

----

|                                                        |   | Series 11 |       |   | Series 12 |   |       | Series 14 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 11,908,900 |   |           | $      | 12,575,398 |           |   | $ | 35,265,315 |   |
| Land                                                        |   |           | 1,193,181  |   |           |   | 1,434,569  |           |   |   | 4,205,553 |   |
| Other assets                                                |   |           | 3,759,788  |   |           |   | 3,021,464  |           |   |   | 7,583,494 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 16,861,869 |   |           | $      | 17,031,431 |           |   | $ | 47,054,362 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 18,920,725 |   |           | $      | 21,820,629 |           |   | $ | 53,125,272 |   |
| Accounts payable and accrued expenses                       |   |           | 216,739    |   |           |   | 212,565    |           |   |   | 1,196,877 |   |
| Other liabilities                                           |   |           | 921,313    |   |           |   | 1,089,698  |           |   |   | 2,218,374 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 20,058,777 |   |           |   | 23,122,892 |           |   |   | 56,540,523 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund II Limited Partnership       |   |           | (3,486,719 | )      |           |   | (5,923,256 | )              |   |   | (9,468,484 | ) |
| Other partners                                              |   |           | 289,811    |   |           |   | (168,205   | )              |   |   | (17,677 | ) |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | (3,196,908 | )      |           |   | (6,091,461 | )              |   |   | (9,486,161 | ) |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 16,861,869 |   |           | $      | 17,031,431 |           |   | $ | 47,054,362 |   |

----

|                                                        |   | Total  |        |   | Series 7 |   |   | Series 9 |   |   | Series 10 |   |
|-------------------------------------------------------------|--------|--------|-------------|--------|---------------|--------|--------|---------------|--------|--------|----------------|--------|
| ASSETS                                                      |   |   |        |   |          |   |   |          |   |   |           |   |
|                                                        |   |   |        |   |          |   |   |          |   |   |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $      | 105,829,338 |   |          | $      | -      |          |   | $      | 19,761,706     |   |   | $ | 11,157,029 |   |
| Land                                                        |   |   | 11,067,489  |   |          |   | -      |          |   |   | 2,058,491      |   |   |   | 988,347 |   |
| Other assets                                                |   |   | 22,497,417  |   |          |   | -      |          |   |   | 3,537,846      |   |   |   | 2,733,911 |   |
|                                                        |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
|                                                        |   | $      | 139,394,244 |   |          | $      | -      |          |   | $      | 25,358,043     |   |   | $ | 14,879,287 |   |
|                                                        |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
|                                                        |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Mortgages and construction loans payable                    |   | $      | 152,949,308 |   |          | $      | -      |          |   | $      | 31,582,972     |   |   | $ | 15,633,508 |   |
| Accounts payable and accrued expenses                       |   |   | 3,269,651   |   |          |   | -      |          |   |   | 573,256        |   |   |   | 172,330 |   |
| Other liabilities                                           |   |   | 8,330,416   |   |          |   | -      |          |   |   | 2,288,162      |   |   |   | 288,120 |   |
|                                                        |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
|                                                        |   |   | 164,549,375 |   |          |   | -      |          |   |   | 34,444,390     |   |   |   | 16,093,958 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Boston Capital Tax Credit Fund II Limited Partnership       |   |   | (25,846,993 | )      |          |   | -      |          |   |   | (7,960,173     | )      |   |   | (2,116,693 | ) |
| Other partners                                              |   |   | 691,862     |   |          |   | -      |          |   |   | (1,126,174     | )      |   |   | 902,022 |   |
|                                                        |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
|                                                        |   |   | (25,155,131 | )      |          |   | -      |          |   |   | (9,086,347     | )      |   |   | (1,214,671 | ) |
|                                                        |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
|                                                        |   | $      | 139,394,244 |   |          | $      | -      |          |   | $      | 25,358,043     |   |   | $ | 14,879,287 |   |

----

|                                                        |   | Series 11 |       |   | Series 12 |   |       | Series 14 |   |
|-------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
| ASSETS                                                      |   |           |       |   |           |   |       |           |   |
|                                                        |   |           |       |   |           |   |       |           |   |
| Buildings and improvements, net of accumulated depreciation |   | $              | 16,808,306 |   |           | $      | 14,449,122 |           |   | $ | 43,653,175 |   |
| Land                                                        |   |           | 1,553,181  |   |           |   | 1,515,917  |           |   |   | 4,951,553 |   |
| Other assets                                                |   |           | 4,323,980  |   |           |   | 3,386,026  |           |   |   | 8,515,654 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 22,685,467 |   |           | $      | 19,351,065 |           |   | $ | 57,120,382 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)           |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
| Mortgages and construction loans payable                    |   | $              | 22,097,754 |   |           | $      | 23,048,671 |           |   | $ | 60,586,403 |   |
| Accounts payable and accrued expenses                       |   |           | 728,679    |   |           |   | 356,463    |           |   |   | 1,438,923 |   |
| Other liabilities                                           |   |           | 944,159    |   |           |   | 1,579,703  |           |   |   | 3,230,272 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | 23,770,592 |   |           |   | 24,984,837 |           |   |   | 65,255,598 |   |
| PARTNERS’ CAPITAL (DEFICIT)                           |   |           |       |   |           |   |       |           |   |   |   |   |
| Boston Capital Tax Credit Fund II Limited Partnership       |   |           | (1,889,823 | )      |           |   | (5,529,302 | )              |   |   | (8,351,002 | ) |
| Other partners                                              |   |           | 804,698    |   |           |   | (104,470   | )              |   |   | 215,786 |   |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   |           | (1,085,125 | )      |           |   | (5,633,772 | )              |   |   | (8,135,216 | ) |
|                                                        |   |           |       |   |           |   |       |           |   |   |   |   |
|                                                        |   | $              | 22,685,467 |   |           | $      | 19,351,065 |           |   | $ | 57,120,382 |   |

----

|                                                                         |   | Total  |       |   | Series 7 |   |   | Series 9 |   |   | Series 10 |   |
|------------------------------------------------------------------------------|--------|--------|------------|--------|---------------|--------|--------|---------------|--------|--------|----------------|--------|
| Revenue                                                                      |   |   |       |   |          |   |   |          |   |   |           |   |
| Rental                                                                       |   | $      | 26,136,437 |   |          | $      | -      |          |   | $      | 5,173,094      |   |   | $ | 2,916,950 |   |
| Interest and other                                                           |   |   | 1,436,935  |   |          |   | -      |          |   |   | 1,009,145      |   |   |   | 69,785 |   |
|                                                                         |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
|                                                                         |   |   | 27,573,372 |   |          |   | -      |          |   |   | 6,182,239      |   |   |   | 2,986,735 |   |
| Expenses                                                                     |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Interest                                                                     |   |   | 4,050,308  |   |          |   | -      |          |   |   | 897,627        |   |   |   | 381,876 |   |
| Depreciation and amortization                                                |   |   | 6,420,237  |   |          |   | -      |          |   |   | 1,370,197      |   |   |   | 752,322 |   |
| Taxes and insurance                                                          |   |   | 3,516,072  |   |          |   | -      |          |   |   | 777,083        |   |   |   | 402,226 |   |
| Repairs and maintenance                                                      |   |   | 6,322,493  |   |          |   | -      |          |   |   | 1,143,219      |   |   |   | 744,397 |   |
| Operating expenses                                                           |   |   | 9,169,519  |   |          |   | -      |          |   |   | 1,790,516      |   |   |   | 1,026,795 |   |
| Other expenses                                                               |   |   | 380,198    |   |          |   | -      |          |   |   | 87,577         |   |   |   | 42,561 |   |
|                                                                         |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
|                                                                         |   |   | 29,858,827 |   |          |   | -      |          |   |   | 6,066,219      |   |   |   | 3,350,177 |   |
|                                                                         |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| NET INCOME (LOSS)                                                            |   | $      | (2,285,455 | )      |          | $      | -      |          |   | $      | 116,020        |   |   | $ | (363,442 | ) |
|                                                                         |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership* |   | $      | (2,773,816 | )      |          | $      | -      |          |   | $      | (505,658       | )      |   | $ | (347,148 | ) |
|                                                                         |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Net income (loss) allocated to other partners                                |   | $      | 488,361    |   |          | $      | -      |          |   | $      | 621,678        |   |   | $ | (16,294 | ) |

| * | Amounts include $0, $505,658, $347,148, $289,458, $469,684 and $1,161,868 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                         |   | Series 11 |      |   | Series 12 |   |      | Series 14 |   |
|------------------------------------------------------------------------------|--------|----------------|-----------|--------|----------------|--------|-----------|----------------|--------|
| Revenue                                                                      |   |           |      |   |           |   |      |           |   |
| Rental                                                                       |   | $              | 3,920,744 |   |           | $      | 3,960,611 |           |   | $ | 10,165,038 |   |
| Interest and other                                                           |   |           | 70,505    |   |           |   | 52,935    |           |   |   | 234,565 |   |
|                                                                         |   |           |      |   |           |   |      |           |   |   |   |   |
|                                                                         |   |           | 3,991,249 |   |           |   | 4,013,546 |           |   |   | 10,399,603 |   |
| Expenses                                                                     |   |           |      |   |           |   |      |           |   |   |   |   |
| Interest                                                                     |   |           | 563,108   |   |           |   | 652,852   |           |   |   | 1,554,845 |   |
| Depreciation and amortization                                                |   |           | 1,023,303 |   |           |   | 870,000   |           |   |   | 2,404,415 |   |
| Taxes and insurance                                                          |   |           | 558,393   |   |           |   | 486,676   |           |   |   | 1,291,694 |   |
| Repairs and maintenance                                                      |   |           | 854,228   |   |           |   | 1,090,805 |           |   |   | 2,489,844 |   |
| Operating expenses                                                           |   |           | 1,328,328 |   |           |   | 1,366,340 |           |   |   | 3,657,540 |   |
| Other expenses                                                               |   |           | 31,354    |   |           |   | 53,256    |           |   |   | 165,450 |   |
|                                                                         |   |           |      |   |           |   |      |           |   |   |   |   |
|                                                                         |   |           | 4,358,714 |   |           |   | 4,519,929 |           |   |   | 11,563,788 |   |
|                                                                         |   |           |      |   |           |   |      |           |   |   |   |   |
| NET INCOME (LOSS)                                                            |   | $              | (367,465  | )      |           | $      | (506,383  | )              |   | $ | (1,164,185 | ) |
|                                                                         |   |           |      |   |           |   |      |           |   |   |   |   |
| Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership* |   | $              | (289,458  | )      |           | $      | (469,684  | )              |   | $ | (1,161,868 | ) |
|                                                                         |   |           |      |   |           |   |      |           |   |   |   |   |
| Net income (loss) allocated to other partners                                |   | $              | (78,007   | )      |           | $      | (36,699   | )              |   | $ | (2,317 | ) |

| * | Amounts include $0, $505,658, $347,148, $289,458, $469,684 and $1,161,868 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                         |   | Total  |       |   | Series 7 |   |   | Series 9 |   |   | Series 10 |   |
|------------------------------------------------------------------------------|--------|--------|------------|--------|---------------|--------|--------|---------------|--------|--------|----------------|--------|
| Revenue                                                                      |   |   |       |   |          |   |   |          |   |   |           |   |
| Rental                                                                       |   | $      | 29,004,504 |   |          | $      | -      |          |   | $      | 5,040,363      |   |   | $ | 2,862,301 |   |
| Interest and other                                                           |   |   | 1,124,092  |   |          |   | -      |          |   |   | 167,813        |   |   |   | 105,064 |   |
|                                                                         |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
|                                                                         |   |   | 30,128,596 |   |          |   | -      |          |   |   | 5,208,176      |   |   |   | 2,967,365 |   |
| Expenses                                                                     |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Interest                                                                     |   |   | 4,732,842  |   |          |   | -      |          |   |   | 865,517        |   |   |   | 389,180 |   |
| Depreciation and amortization                                                |   |   | 7,312,075  |   |          |   | -      |          |   |   | 1,355,889      |   |   |   | 736,644 |   |
| Taxes and insurance                                                          |   |   | 4,027,090  |   |          |   | -      |          |   |   | 767,203        |   |   |   | 398,232 |   |
| Repairs and maintenance                                                      |   |   | 7,254,519  |   |          |   | -      |          |   |   | 1,234,508      |   |   |   | 788,122 |   |
| Operating expenses                                                           |   |   | 9,771,846  |   |          |   | -      |          |   |   | 1,802,260      |   |   |   | 935,276 |   |
| Other expenses                                                               |   |   | 847,445    |   |          |   | -      |          |   |   | 68,228         |   |   |   | 121,500 |   |
|                                                                         |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
|                                                                         |   |   | 33,945,817 |   |          |   | -      |          |   |   | 6,093,605      |   |   |   | 3,368,954 |   |
|                                                                         |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| NET INCOME (LOSS)                                                            |   | $      | (3,817,221 | )      |          | $      | -      |          |   | $      | (885,429       | )      |   | $ | (401,589 | ) |
|                                                                         |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership* |   | $      | (3,910,282 | )      |          | $      | -      |          |   | $      | (889,174       | )      |   | $ | (358,886 | ) |
|                                                                         |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Net income (loss) allocated to other partners                                |   | $      | 93,061     |   |          | $      | -      |          |   | $      | 3,745          |   |   | $ | (42,703 | ) |

| * | Amounts include $0, $889,174, $358,886, $426,925, $726,230 and $1,509,067 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                         |   | Series 11 |      |   | Series 12 |   |      | Series 14 |   |
|------------------------------------------------------------------------------|--------|----------------|-----------|--------|----------------|--------|-----------|----------------|--------|
| Revenue                                                                      |   |           |      |   |           |   |      |           |   |
| Rental                                                                       |   | $              | 5,194,343 |   |           | $      | 4,228,207 |           |   | $ | 11,679,290 |   |
| Interest and other                                                           |   |           | 113,084   |   |           |   | 72,845    |           |   |   | 665,286 |   |
|                                                                         |   |           |      |   |           |   |      |           |   |   |   |   |
|                                                                         |   |           | 5,307,427 |   |           |   | 4,301,052 |           |   |   | 12,344,576 |   |
| Expenses                                                                     |   |           |      |   |           |   |      |           |   |   |   |   |
| Interest                                                                     |   |           | 835,861   |   |           |   | 709,935   |           |   |   | 1,932,349 |   |
| Depreciation and amortization                                                |   |           | 1,377,548 |   |           |   | 1,006,148 |           |   |   | 2,835,846 |   |
| Taxes and insurance                                                          |   |           | 793,309   |   |           |   | 526,751   |           |   |   | 1,541,595 |   |
| Repairs and maintenance                                                      |   |           | 1,121,245 |   |           |   | 1,242,939 |           |   |   | 2,867,705 |   |
| Operating expenses                                                           |   |           | 1,334,245 |   |           |   | 1,480,675 |           |   |   | 4,219,390 |   |
| Other expenses                                                               |   |           | 304,379   |   |           |   | 65,236    |           |   |   | 288,102 |   |
|                                                                         |   |           |      |   |           |   |      |           |   |   |   |   |
|                                                                         |   |           | 5,766,587 |   |           |   | 5,031,684 |           |   |   | 13,684,987 |   |
|                                                                         |   |           |      |   |           |   |      |           |   |   |   |   |
| NET INCOME (LOSS)                                                            |   | $              | (459,160  | )      |           | $      | (730,632  | )              |   | $ | (1,340,411 | ) |
|                                                                         |   |           |      |   |           |   |      |           |   |   |   |   |
| Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership* |   | $              | (426,925  | )      |           | $      | (726,230  | )              |   | $ | (1,509,067 | ) |
|                                                                         |   |           |      |   |           |   |      |           |   |   |   |   |
| Net income (loss) allocated to other partners                                |   | $              | (32,235   | )      |           | $      | (4,402    | )              |   | $ | 168,656 |   |

| * | Amounts include $0, $889,174, $358,886, $426,925, $726,230 and $1,509,067 for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of loss not recognized under the equity method of accounting as described in note A. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| NOTE D - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN |
|--------------------|------------------------------------------------------------------------------|

|                                                                                                     |   | Total  |       |   | Series 7 |   |   | Series 9 |   |   | Series 10 |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|---------------|--------|--------|---------------|--------|--------|----------------|--------|
| Net income (loss) for financial reporting purposes,  March 31, 2011                            |   | $      | 916,030    |   |          | $      | -      |          |   | $      | (248,576       | )      |   | $ | 91,026 |   |
|                                                                                                     |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Operating limited partnership rents received in advance                                                  |   |   | (2,154     | )      |          |   | -      |          |   |   | 112            |   |   |   | - |   |
|                                                                                                     |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Accrued partnership management fees not recognized for tax purposes                                      |   |   | (544,848   | )      |          |   | -      |          |   |   | 204,984        |   |   |   | 96,888 |   |
|                                                                                                     |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Other                                                                                                    |   |   | 2,303,371  |   |          |   | -      |          |   |   | (622,784       | )      |   |   | 304,583 |   |
|                                                                                                     |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Operating limited partnership loss not allowed for financial reporting under equity method of accounting |   |   | (2,773,816 | )      |          |   | -      |          |   |   | (505,658       | )      |   |   | (347,148 | ) |
|                                                                                                     |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                |   |   | (1,139,108 | )      |          |   | -      |          |   |   | (238,339       | )      |   |   | (71,346 | ) |
|                                                                                                     |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                       |   |   | (2,142,641 | )      |          |   | -      |          |   |   | (19,983        | )      |   |   | (198,219 | ) |
|                                                                                                     |   |   |       |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2010                                                 |   | $      | (3,383,166 | )      |          | $      | -      |          |   | $      | (1,430,244     | )      |   | $ | (124,216 | ) |

----

| NOTE D - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued) |
|--------------------|------------------------------------------------------------------------------------------|

|                                                                                                     |   | Series 11 |       |   | Series 12 |   |     | Series 14 |   |
|----------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|----------|----------------|--------|
| Net income (loss) for financial reporting purposes, March 31, 2011                                       |   | $              | 1,163,558  |   |           | $      | 190,337  |           |   | $ | (280,315 | ) |
|                                                                                                     |   |           |       |   |           |   |     |           |   |   |   |   |
| Operating limited partnership rents received in advance                                                  |   |           | -          |   |           |   | (122     | )              |   |   | (2,144 | ) |
|                                                                                                     |   |           |       |   |           |   |     |           |   |   |   |   |
| Accrued partnership management fees not recognized for tax purposes                                      |   |           | (1,256,301 | )      |           |   | 138,792  |           |   |   | 270,789 |   |
|                                                                                                     |   |           |       |   |           |   |     |           |   |   |   |   |
| Other                                                                                                    |   |           | 841,960    |   |           |   | 99,229   |           |   |   | 1,680,383 |   |
|                                                                                                     |   |           |       |   |           |   |     |           |   |   |   |   |
| Operating limited partnership loss not allowed for financial reporting under equity method of accounting |   |           | (289,458   | )      |           |   | (469,684 | )              |   |   | (1,161,868 | ) |
|                                                                                                     |   |           |       |   |           |   |     |           |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                |   |           | (123,956   | )      |           |   | (207,180 | )              |   |   | (498,287 | ) |
|                                                                                                     |   |           |       |   |           |   |     |           |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                       |   |           | (852,933   | )      |           |   | (359,097 | )              |   |   | (712,409 | ) |
|                                                                                                     |   |           |       |   |           |   |     |           |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2010                                                 |   | $              | (517,130   | )      |           | $      | (607,725 | )              |   | $ | (703,851 | ) |

----

|   | NOTE D - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued) |
|--------|--------------------|------------------------------------------------------------------------------------------|

|                                                                                                     |   | Total  |       |   | Series 7 |   |    | Series 9 |   |   | Series 10 |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|---------------|--------|---------|---------------|--------|--------|----------------|--------|
| Net income (loss) for financial reporting purposes,  March 31, 2010                            |   | $      | 2,289,762  |   |          | $      | (17,915 | )             |   | $      | (237,687       | )      |   | $ | 808,598 |   |
|                                                                                                     |   |   |       |   |          |   |    |          |   |   |           |   |   |   |   |   |
| Operating limited partnership rents received in advance                                                  |   |   | 6,812      |   |          |   | -       |          |   |   | (1,341         | )      |   |   | - |   |
|                                                                                                     |   |   |       |   |          |   |    |          |   |   |           |   |   |   |   |   |
| Accrued partnership management fees not recognized for tax purposes                                      |   |   | (1,910,434 | )      |          |   | -       |          |   |   | 140,641        |   |   |   | (772,514 | ) |
|                                                                                                     |   |   |       |   |          |   |    |          |   |   |           |   |   |   |   |   |
| Other                                                                                                    |   |   | 8,984,847  |   |          |   | -       |          |   |   | 1,742,593      |   |   |   | 1,395,939 |   |
|                                                                                                     |   |   |       |   |          |   |    |          |   |   |           |   |   |   |   |   |
| Operating limited partnership loss not allowed for financial reporting under equity method of accounting |   |   | (3,910,282 | )      |          |   | -       |          |   |   | (889,174       | )      |   |   | (358,886 | ) |
|                                                                                                     |   |   |       |   |          |   |    |          |   |   |           |   |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                |   |   | (1,045,342 | )      |          |   | -       |          |   |   | (187,758       | )      |   |   | (62,689 | ) |
|                                                                                                     |   |   |       |   |          |   |    |          |   |   |           |   |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                       |   |   | (3,372,903 | )      |          |   | (10,526 | )             |   |   | (41,359        | )      |   |   | (852,418 | ) |
|                                                                                                     |   |   |       |   |          |   |    |          |   |   |           |   |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2009                                                 |   | $      | 1,042,460  |   |          | $      | (28,441 | )             |   | $      | 525,915        |   |   | $ | 158,030 |   |

----

| NOTE D - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued) |
|--------------------|------------------------------------------------------------------------------------------|

|                                                                                                     |   | Series 11 |     |   | Series 12 |   |     | Series 14 |   |
|----------------------------------------------------------------------------------------------------------|--------|----------------|----------|--------|----------------|--------|----------|----------------|--------|
| Net income (loss) for financial reporting purposes, March 31, 2010                                       |   | $              | 699,882  |   |           | $      | (174,134 | )              |   | $ | 1,211,018 |   |
|                                                                                                     |   |           |     |   |           |   |     |           |   |   |   |   |
| Operating limited partnership rents received in advance                                                  |   |           | -        |   |           |   | (167     | )              |   |   | 8,320 |   |
|                                                                                                     |   |           |     |   |           |   |     |           |   |   |   |   |
| Accrued partnership management fees not recognized for tax purposes                                      |   |           | (288,879 | )      |           |   | 150,168  |           |   |   | (1,139,850 | ) |
|                                                                                                     |   |           |     |   |           |   |     |           |   |   |   |   |
| Other                                                                                                    |   |           | 577,640  |   |           |   | 570,114  |           |   |   | 4,698,561 |   |
|                                                                                                     |   |           |     |   |           |   |     |           |   |   |   |   |
| Operating limited partnership loss not allowed for financial reporting under equity method of accounting |   |           | (426,925 | )      |           |   | (726,230 | )              |   |   | (1,509,067 | ) |
|                                                                                                     |   |           |     |   |           |   |     |           |   |   |   |   |
| Excess of tax depreciation over book depreciation on operating limited partnership assets                |   |           | (89,454  | )      |           |   | (161,194 | )              |   |   | (544,247 | ) |
|                                                                                                     |   |           |     |   |           |   |     |           |   |   |   |   |
| Difference due to fiscal year for book purposes and calendar year for tax purposes                       |   |           | (747,541 | )      |           |   | (133,367 | )              |   |   | (1,587,692 | ) |
|                                                                                                     |   |           |     |   |           |   |     |           |   |   |   |   |
| Income (loss) for tax return purposes, December 31, 2009                                                 |   | $              | (275,277 | )      |           | $      | (474,810 | )              |   | $ | 1,137,043 |   |

----

| NOTE D - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued) |
|--------------------|------------------------------------------------------------------------------------------|

|                                                                         |   | Total  |        |   | Series 7 |   |   | Series 9 |   |   | Series 10 |   |
|------------------------------------------------------------------------------|--------|--------|-------------|--------|---------------|--------|--------|---------------|--------|--------|----------------|--------|
|                                                                         |   |   |        |   |          |   |   |          |   |   |           |   |
| Investments in operating limited partnerships - tax return December 31, 2010 |   | $      | (48,868,866 | )      |          | $      | -      |          |   | $      | (12,134,087    | )      |   | $ | (4,706,026 | ) |
|                                                                         |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Add back losses not recognized under the equity method                       |   |   | 34,676,928  |   |          |   | -      |          |   |   | 8,343,885      |   |   |   | 3,243,148 |   |
|                                                                         |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Impairment loss in investments in operating limited partnerships             |   |   | (3,982,635  | )      |          |   | -      |          |   |   | (369,919       | )      |   |   | (628,541 | ) |
|                                                                         |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Less share of loss - three months ended March 31, 2011                       |   |   | (984,858    | )      |          |   | -      |          |   |   | -              |   |   |   | - |   |
|                                                                         |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Other                                                                        |   |   | 19,159,431  |   |          |   | -      |          |   |   | 4,160,121      |   |   |   | 2,091,419 |   |
|                                                                         |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Investments in operating limited partnerships - as reported, March 31, 2011  |   | $      | -           |   |          | $      | -      |          |   | $      | -              |   |   | $ | - |   |

----

| NOTE D - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued) |
|--------------------|------------------------------------------------------------------------------------------|

|                                                                               |   | Series 11 |       |   | Series 12 |   |       | Series 14 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
|                                                                               |   |           |       |   |           |   |       |           |   |
| Investments in operating limited partnerships – tax return December 31, 2010 |   | $              | (6,302,349 | )      |           | $      | (9,131,923 | )              |   | $ | (16,594,481 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Add back losses not recognized under the equity method                             |   |           | 4,272,778  |   |           |   | 6,461,505  |           |   |   | 12,355,612 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss in investments in operating limited partnerships                   |   |           | (282,491   | )      |           |   | (171,947   | )              |   |   | (2,529,737 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2011                             |   |           | -          |   |           |   | (177,104   | )              |   |   | (807,754 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                              |   |           | 2,312,062  |   |           |   | 3,019,469  |           |   |   | 7,576,360 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships – as reported, March 31, 2011  |   | $              | -          |   |           | $      | -          |           |   | $ | - |   |

----

| NOTE D - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued) |
|--------------------|------------------------------------------------------------------------------------------|

|                                                                                   |   | Total  |        |   | Series 7 |   |   | Series 9 |   |   | Series 10 |   |
|----------------------------------------------------------------------------------------|--------|--------|-------------|--------|---------------|--------|--------|---------------|--------|--------|----------------|--------|
|                                                                                   |   |   |        |   |          |   |   |          |   |   |           |   |
| Investments in operating limited partnerships - tax return December 31, 2009           |   | $      | (44,381,228 | )      |          | $      | -      |          |   | $      | (10,755,201    | )      |   | $ | (4,592,115 | ) |
|                                                                                   |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Add back losses not recognized under the equity method                                 |   |   | 33,637,793  |   |          |   | -      |          |   |   | 8,534,370      |   |   |   | 2,909,879 |   |
|                                                                                   |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Impairment loss in investments in operating limited partnerships                       |   |   | (6,150,022  | )      |          |   | -      |          |   |   | (369,919       | )      |   |   | (623,926 | ) |
|                                                                                   |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Less share of loss - three months ended March 31, 2010                                 |   |   | (996,196    | )      |          |   | -      |          |   |   | -              |   |   |   | - |   |
|                                                                                   |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Other                                                                                  |   |   | 17,889,653  |   |          |   | -      |          |   |   | 2,590,750      |   |   |   | 2,306,162 |   |
|                                                                                   |   |   |        |   |          |   |   |          |   |   |           |   |   |   |   |   |
| Investments in operating limited partnerships - as reported,  March 31, 2010 |   | $      | -           |   |          | $      | -      |          |   | $      | -              |   |   | $ | - |   |

----

| NOTE D - | RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued) |
|--------------------|------------------------------------------------------------------------------------------|

|                                                                               |   | Series 11 |       |   | Series 12 |   |       | Series 14 |   |
|------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|------------|----------------|--------|
|                                                                               |   |           |       |   |           |   |       |           |   |
| Investments in operating limited partnerships – tax return December 31, 2009 |   | $              | (4,700,507 | )      |           | $      | (8,225,059 | )              |   | $ | (16,108,346 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Add back losses not recognized under the equity method                             |   |           | 4,150,927  |   |           |   | 6,497,307  |           |   |   | 11,545,310 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Impairment loss in investments in operating limited partnerships                   |   |           | (1,682,306 | )      |           |   | (613,495   | )              |   |   | (2,860,376 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Less share of loss - three months ended March 31, 2010                             |   |           | -          |   |           |   | (188,442   | )              |   |   | (807,754 | ) |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Other                                                                              |   |           | 2,231,886  |   |           |   | 2,529,689  |           |   |   | 8,231,166 |   |
|                                                                               |   |           |       |   |           |   |       |           |   |   |   |   |
| Investments in operating limited partnerships – as reported, March 31, 2010  |   | $              | -          |   |           | $      | -          |           |   | $ | - |   |

----

----